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SGD

08 Oct 2023

Geopolitical tensions

• Middle East. Developments look set to hang over markets at the start of the new week. The USD, JPY & oil are typically supported by this type of unrest.• US jobs. Payrolls exceeded forecasts, but the underlying detail wasn’t as rosy. Markets were volatile around the data. US CPI released on Thursday.• AUD cross-currents. More negative risk sentiment can exert a bit of pressure on the AUD. But softer US inflation can offset this later in the week. The tragic weekend developments in the Middle East look set to hang over markets at the start of the new week....

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05 Oct 2023

US payrolls in focus

• Relief continues. Bond yields, oil prices & the USD lost a bit more ground overnight. BoE & US Fed comments raise doubts about the extent of further hikes.• AUD recovery. The AUD has edged up a little against the USD & on most crosses. In addition to tonight’s US labour report, US CPI is released next week.• US payrolls. Based on where things are tracking we think a larger (more negative) USD reaction could occur if the US data underwhelms. Yesterday’s moves extended a bit further overnight with markets marking time ahead of tonight’s US jobs report (11:30pm AEDT)....

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04 Oct 2023

Short-term relief or trend change?

• Market relief. Softer US ADP employment data & a lower oil price weighed on bond yields. US equities rose & the USD drifted back slightly.• AUD consolidates. The AUD has clawed back a little ground. But it remains at low levels. Since 2015 the AUD has only traded sub ~$0.63 ~1% of the time.• US data. US payrolls is the next major event (Friday AEDT). Given where things are tracking a larger (more negative) USD reaction could occur if the data disappoints. A break from the recent trend overnight with bond yields lower, equities higher, and the USD a...

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03 Oct 2023

Markets JOLTED again

• US yields higher. Positive US job openings pushed US yields higher. This helped the USD & weighed on risk sentiment. AUD slipped below ~$0.63.• USD/JPY volatility. After moving above ~150 USD/JPY tumbled. FX intervention wasn’t confirmed. The moves helped the USD stabilise.• RBA & RBNZ. No change from the RBA yesterday. RBNZ meets today with rates expected to be held steady. AUD/NZD is near levels last traded in late-May. Familiar themes and trends were on show again overnight. A stronger US JOLTS (i.e. job openings) report generated another jump up in bond yields and some further USD strength which...

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27 Sep 2023

Higher Oil, stronger USD

• Oil & bonds. Oil prices have continued to rise. Inflation risks are underpinning bond yields. Relatively higher US yields have supported the USD.• AUD struggles. The stronger USD has washed through FX markets. EUR touched its lowest level since early-January. AUD hit a fresh 2023 low.• Local data. Headline inflation re-accelerated. Improvement in core inflation is slow going. Pressure on the RBA to tighten further remains. Retail sales due today. Another night of bearish sentiment with a further jump in oil prices fanning inflation fears which in turn feed through to bond yields and a stronger USD. WTI crude...

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